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Spockie-Tech
Site Admin
Joined: 31 May 2004
Posts: 3160
Location: Melbourne, Australia
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quote:
Originally posted by Valen:
I can see it being the "next pay pal"
That said I think it'll be replaced by something instant, no 10 minute block chain times.
I cant see *how. Strong Crypto isnt going to happen on consumer-grade hardware in anything like *instant or close to it.
For that matter, EFTPos isnt "instant" either, its just *looks that way to the end user. Because the banks/merchants accept the chargeback-risk in return for the convenience of payment. Try bying $5k worth of stuff with your Visa over the phone and you will find they all want a signature in person to pass the risk to the bank.
Bitcoin Payment systems can do the same. If you are buying less than say $50 worth of stuff, the merchant can be 99% sure youve paid as soon as the transaction hits the network (seconds). He can be 99.99% sure with just 1 confirmed block (usually ~5min), most high value merchants (1K+) accept 3 blocks as being pretty solid.
People can built instant confirmation systems *on top of the bitcoin protocol and the clearing can take place in the background just like visa does daily, but bitcoin does constantly.
I keep hearing hopefuls saying "something better will come along". (hoping to get in earlier on "Bitcoin V2.0" )..
Personally, I doubt it.
Something Open source, multi OS client, with the years of R&D and testing that Bitcoin already has, with hundreds of thousands of people running their PCs, FPGA's, ASICS and so on taking care of the crypto, with a multitude of exchanges, payment gateways, markets, forums, mindshare and so on ? Not very likely.
Im sure others will *try, VisaCoin, Litecoin, Dogecoin, buttcoin, whatever, they are all just imitators riding off the original open source code with tiny tweaks and little to offer . _________________ Great minds discuss ideas. Average minds discuss events. Small minds discuss people
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Mon Mar 10, 2014 7:27 pm |
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Spockie-Tech
Site Admin
Joined: 31 May 2004
Posts: 3160
Location: Melbourne, Australia
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Bitcoins "Pointless" Crypto isnt pointless.
The whole "Wasted electricity" thing is another media wank point. Its how the network is secured and why it has *not been hacked in any way, despite *individual companies* poor implementation system being hacked, the Bitcoin protocol is completely untouchable so far.
The rapid rise in mining power is a great example of why you *need to be doing this type of thing. If there was a fixed crypto payment system with billions/trillions floating around in it, how long would it take for a few pools to arise to break it ?
The "wasted power" of bitcoin that the media likes to waffle about is completely *wrong.
How much do you think it costs to print money (paper, polymer or metal coins), constantly reissue/ replace it as it wears out (days to years), securely destroy the old notes, transport them around the country in petrol powered armoured trucks with security guys standing guard over them, build bank vaults, safes, ram-raid proof atm's, pursue and prosecute counterfeiters, and all of the other costs Ive missed associated with physical fiat currency ?
I used to work at Note-Printing-Australia (where the polymer notes are made), and I can tell you the process of creating, supporting, securing and distributing normal money (and thats just around 1 country) far outweighs the cost of the electricity consumed to secure the Bitcoin Crypto Network.
And thats not even taking into account the fact that bitcoins are as easy to send across the world as they are across the street, which certainly isnt the case for normal money either.
Anyway, enough ranting _________________ Great minds discuss ideas. Average minds discuss events. Small minds discuss people
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Tue Mar 11, 2014 11:48 am |
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